Singapore, HK vie for top fintech spot via initiatives

On Wednesday, the Monetary Authority of Singapore (MAS) announced the opening of a fintech innovation lab.

The purpose-built facility, known as Looking Glass @ MAS, is located within the MAS Building.

The lab will allow MAS to experiment fintech solutions with financial institutions, start-ups, and technology vendors; facilitate consultations for start-ups by industry experts on areas of interest such as legal, regulation, and business-related matters; and provide a venue for relevant training sessions and networking activities for the fintech community.

The start-ups participating in this year’s lab have developed a range of innovations – from wealth management solutions that are precisely oriented to customers’ investment intents, know your customer (KYC) services that leverage blockchain technology and a fraud prevention program using algorithms based in Chinese-characters to help financial institutions flag risk.

Hong Kong and Singapore are vying to be Asia Pacific's top fintech innovation hub, with Singapore launching multiple initiatives this year, including a new FinTech & Innovation Group and a regulatory sandbox for fintech experiments, to compete with Hong Kong's well-established fintech ecosystem.

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